NPORT-EX 2 MW91TCW123123.htm
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
1
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
93
.29
%
ASSET-BACKED
SECURITIES
—
0
.84
%
**
AMMC
CLO
18
Ltd.,
Series
2016-18A,
Class
BR
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.86%)
7.24%
05/26/31
1,2,3
$
1,165,000‌
$
1,164,383‌
BlueMountain
CLO
XXII
Ltd.,
Series
2018-22A,
Class
A2
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.66%)
7.06%
07/15/31
1,2,3
500,000‌
497,111‌
CIFC
Funding
Ltd.,
Series
2022-2A,
Class
A1
(Cayman
Islands)
(CME
Term
SOFR
3-Month
plus
1.32%)
6.72%
04/19/35
1,2,3
500,000‌
498,952‌
Golub
Capital
Partners
CLO
69M,
Series
2023-69A,
Class
B1
(CME
Term
SOFR
3-Month
plus
3.25%)
8.66%
11/09/36
1,3
500,000‌
502,800‌
Total
Asset-Backed
Securities
(Cost
$2,621,916)
2,663,246‌
BANK
LOANS
—
90
.43
%
*
Automotive
—
0
.77
%
Clarios
Global
LP,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
3.75%)
9.11%
05/06/30
1,2
1,117,200‌
1,121,110‌
First
Brands
Group
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.00%)
10.88%
03/30/27
1
1,339,394‌
1,331,023‌
2,452,133‌
Communications
—
5
.15
%
Altice
Financing
SA,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.00%)
9.56%
10/29/27
1
1,433,701‌
1,429,228‌
CCI
Buyer,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.35%
12/17/27
1
966,345‌
964,963‌
Ciena
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.00%)
7.36%
10/24/30
1
1,243,750‌
1,248,806‌
Consolidated
Communications,
Inc.,
Term
Loan
B1,
1st
Lien
(SOFR
plus
3.61%)
8.97%
10/02/27
1
1,250,000‌
1,166,850‌
CSC
Holdings
LLC,
Term
Loan
B5,
1st
Lien
(LIBOR
plus
2.50%)
7.98%
04/15/27
1
1,675,025‌
1,589,884‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Communications
(continued)
Cyxtera
DC
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.00%)
5.07%
05/01/24
1
$
497,361‌
$
316,454‌
Term
Loan,
1st
Lien
(SOFR
plus
8.50%)
13.95%
01/07/24
1
259,639‌
261,154‌
Dawn
Acquisition
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.01%)
9.36%
12/31/25
1
253,759‌
245,512‌
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
8.62%
10/08/27
1
725,114‌
722,394‌
NEP
Group,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
8.59%
10/17/25
1
972,674‌
925,558‌
(SOFR
plus
4.00%)
9.35%
10/17/25
1
494,364‌
473,353‌
NEP/NCP
Holdco,
Inc.,
Term
Loan,
2nd
Lien
(SOFR
plus
7.11%)
12.47%
10/19/26
1
440,000‌
354,200‌
New
Insight
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.76%)
11.14%
12/20/24
1
470,000‌
350,998‌
Numericable
U.S.
LLC,
Term
Loan
B14,
1st
Lien
(SOFR
plus
5.50%)
10.89%
08/16/28
1
1,492,500‌
1,345,116‌
Radiate
Holdco
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.36%)
8.72%
09/25/26
1
247,475‌
199,333‌
Red
Ventures
LLC,
Term
Loan
B4,
1st
Lien
(SOFR
plus
3.00%)
8.36%
02/24/30
1
992,500‌
991,364‌
United
Talent
Agency
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.26%)
9.65%
07/07/28
1
989,873‌
993,125‌
Virgin
Media
Bristol
LLC,
Term
Loan
Y,
1st
Lien
(SOFR
plus
3.35%)
8.79%
03/31/31
1
1,200,000‌
1,197,750‌
Zayo
Group
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
8.47%
03/09/27
1
1,385,276‌
1,194,330‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
2
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Communications
(continued)
(SOFR
plus
4.33%)
9.68%
03/09/27
1
$
491,250‌
$
423,551‌
16,393,923‌
Consumer
Discretionary
—
5
.48
%
Arterra
Wines
Canada,
Inc.,
Term
Loan
B1,
1st
Lien
(SOFR
plus
3.76%)
9.11%
11/24/27
1
1,170,139‌
1,124,633‌
BRE/Everbright
M6
Borrower
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.00%)
10.34%
09/09/26
1
1,000,000‌
1,000,415‌
City
Brewing
Co.
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.76%)
8.32%
04/05/28
1
1,973,014‌
1,568,546‌
Four
Seasons
Hotels
Ltd.,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
2.60%)
7.96%
11/30/29
1,2
646,363‌
649,675‌
Hanesbrands,
Inc.,
Term
Loan
A,
1st
Lien
(SOFR
plus
1.50%)
6.93%
11/19/26
1
986,842‌
970,806‌
Naked
Juice,
LLC,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
3.35%)
8.70%
01/24/29
1,2
492,500‌
477,558‌
Term
Loan,
2nd
Lien
(SOFR
plus
6.10%)
11.00%
01/24/30
1
2,100,000‌
1,710,187‌
Osmosis
Buyer
Ltd.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
9.09%
07/31/28
1
1,871,671‌
1,875,433‌
(SOFR
plus
4.25%)
9.60%
07/31/28
1
400,000‌
402,500‌
Pegasus
Bidco
BV,
Term
Loan
B2,
1st
Lien
(SOFR
plus
4.25%)
9.63%
07/12/29
1
1,364,055‌
1,366,824‌
Sunshine
Luxembourg
VII
SARL,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.60%)
8.95%
10/01/26
1
2,188,125‌
2,202,392‌
Tecta
America
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.36%)
9.72%
04/10/28
1
861,857‌
865,360‌
Triton
Water
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.51%)
8.23%
03/31/28
1
961,884‌
954,670‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Consumer
Discretionary
(continued)
Waystar
Technologies,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.11%)
9.47%
10/22/26
1
$
940,245‌
$
944,946‌
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.35%)
7.71%
05/24/30
1
1,334,535‌
1,339,626‌
17,453,571‌
Electric
—
1
.51
%
Calpine
Construction
Finance
Co.
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.25%)
7.61%
07/31/30
1
648,375‌
649,266‌
Calpine
Corp.,
Term
Loan
B5,
1st
Lien
(SOFR
plus
2.61%)
7.97%
12/16/27
1
714,286‌
716,546‌
CommScope,
Inc.,
Term
Loan
B2,
1st
Lien
(France)
(SOFR
plus
3.36%)
8.72%
04/06/26
1,2
428,979‌
384,741‌
Edgewater
Generation
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
9.22%
12/13/25
1
734,433‌
722,712‌
Generation
Bridge
Northeast
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.25%)
9.61%
08/07/29
1
525,327‌
528,064‌
Hamilton
Projects
Acquiror
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.61%)
9.97%
06/17/27
1
457,011‌
459,689‌
Lackawanna
Energy
Center
LLC,
Term
Loan
B2,
1st
Lien
(SOFR
plus
5.00%)
10.36%
08/06/29
1
705,951‌
699,481‌
Term
Loan
C,
1st
Lien
(SOFR
plus
5.00%)
10.36%
07/20/29
1
153,102‌
151,699‌
Talen
Energy
Supply,
LLC,
Term
Loan
TLB,
1st
Lien
(SOFR
plus
4.50%)
9.87%
05/17/30
1
274,810‌
276,757‌
Term
Loan
TLC,
1st
Lien
(SOFR
plus
4.50%)
9.87%
05/17/30
1
223,810‌
225,395‌
4,814,350‌
Energy
—
1
.54
%
Apro
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
9.21%
11/14/26
1
1,060,557‌
1,063,209‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
3
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Energy
(continued)
Bip
Pipeco
Holdings
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
8.62%
12/05/30
1
$
580,000‌
$
579,275‌
Calpine
Corp.,
Term
Loan
B10,
1st
Lien
(SOFR
plus
2.11%)
7.47%
08/12/26
1
185,504‌
186,054‌
ChampionX
Corp.,
Term
Loan
B2,
1st
Lien
(SOFR
plus
2.85%)
8.21%
06/07/29
1
498,750‌
501,324‌
ITT
Holdings
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.71%
10/05/30
1
1,313,780‌
1,319,804‌
Medallion
Midland
Acquisition
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
8.84%
10/18/28
1
731,707‌
735,497‌
Parkway
Generation
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.01%)
10.39%
02/16/29
1
473,349‌
456,359‌
Term
Loan
C,
1st
Lien
(SOFR
plus
5.01%)
10.39%
02/16/29
1
62,722‌
60,470‌
4,901,992‌
Entertainment
—
2
.82
%
Banijay
Entertainment
SAS,
Term
Loan
B,
1st
Lien
(France)
(SOFR
plus
3.85%)
9.19%
03/01/28
1,2
1,465,154‌
1,472,114‌
Elanco
Animal
Health,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
1.85%)
7.19%
08/01/27
1
741,738‌
738,133‌
Formula
One
Management
Ltd.,
Term
Loan
B,
1st
Lien
(Luxembourg)
(SOFR
plus
2.25%)
7.60%
01/15/30
1,2
2,211,392‌
2,220,038‌
NAI
Entertainment
Holdings
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
8.47%
05/08/25
1
437,480‌
435,474‌
SMG
US
Midco 2,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
2.76%)
8.14%
01/23/25
1
977,106‌
979,671‌
WildBrain
Ltd.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.36%)
9.72%
03/24/28
1
1,458,750‌
1,422,281‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Entertainment
(continued)
William
Morris
Endeavor
Entertainment
LLC,
Term
Loan
B1,
1st
Lien
(SOFR
plus
2.86%)
8.22%
05/16/25
1
$
1,702,533‌
$
1,709,190‌
8,976,901‌
Finance
—
3
.24
%
Auris
Lux
III
SA,
Term
Loan
B2,
1st
Lien
(Luxembourg)
(SOFR
plus
3.75%)
9.60%
-
9.62%
02/27/26
1,2
1,190,634‌
1,178,430‌
Avolon
TLB
Borrower
1
U.S.
LLC,
Term
Loan
B6,
1st
Lien
(SOFR
plus
2.50%)
7.86%
06/22/28
1
1,000,000‌
1,003,415‌
Camelot
Finance
SA,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
8.47%
10/30/26
1
763,929‌
765,934‌
Cushman
&
Wakefield
U.S.
Borrower
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.15%
01/31/30
1
423,295‌
420,914‌
DCG
Acquisition
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
4.60%)
9.96%
09/30/26
1
1,033,326‌
1,028,806‌
Deerfield
Dakota
Holding
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
9.10%
04/09/27
1
975,827‌
968,509‌
Term
Loan
B,
2nd
Lien
(SOFR
plus
7.01%)
8.65%
04/07/28
1
250,000‌
240,312‌
Finco
I
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
8.38%
06/27/29
1
517,400‌
520,204‌
First
Eagle
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.60%)
7.95%
02/01/27
1
629,294‌
628,743‌
Guardian
U.S.
Holdco,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.35%
01/31/30
1
497,500‌
499,572‌
Guggenheim
Partners
Investment
Management
Holdings
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
8.60%
12/12/29
1
742,500‌
745,459‌
Jane
Street
Group
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.86%)
8.22%
01/26/28
1
1,198,785‌
1,205,283‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
4
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Finance
(continued)
Nuvei
Technologies
Corp.,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
3.00%)
8.33%
12/19/30
1,2
$
1,111,765‌
$
1,112,982‌
10,318,563‌
Food
—
3
.80
%
8th
Avenue
Food &
Provisions,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
9.22%
10/01/25
1
1,238,301‌
1,190,837‌
(SOFR
plus
4.86%)
10.22%
10/01/25
1
488,750‌
471,644‌
Aramark
Services,
Inc.,
Term
Loan
B5,
1st
Lien
(SOFR
plus
2.61%)
7.97%
04/06/28
1
1,000,000‌
1,002,340‌
B&G
Foods,
Inc.,
Term
Loan
B4,
1st
Lien
(SOFR
plus
2.50%)
7.86%
10/10/26
1
480,023‌
476,912‌
Chobani
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.61%)
8.42%
10/25/27
1
718,252‌
720,406‌
Dessert
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.11%)
9.47%
06/09/28
1
854,460‌
771,864‌
Froneri
U.S.,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.35%)
7.71%
01/29/27
1
640,792‌
642,266‌
H-Food
Holdings
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.95%)
9.34%
05/23/25
1
246,094‌
198,037‌
Matterhorn
Merger
Sub
LLC,
Term
Loan
B2,
1st
Lien
(SOFR
plus
4.26%)
9.65%
05/23/25
1
1,450,792‌
1,173,067‌
Shearer's
Foods
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.61%)
8.97%
09/23/27
1
1,156,997‌
1,160,086‌
Sigma
Bidco
BV,
Term
Loan
B7,
1st
Lien
(SOFR
plus
3.00%)
4.91%
01/02/28
1
516,608‌
508,730‌
Simply
Good
Foods
USA,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.60%)
7.96%
03/17/27
1
178,571‌
179,129‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Food
(continued)
Snacking
Investments
Bidco,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.36%
12/18/26
1
$
1,215,983‌
$
1,217,758‌
Sovos
Brands
Intermediate,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.76%)
9.14%
06/08/28
1
1,536,207‌
1,543,919‌
Utz
Quality
Foods
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.26%)
7.92%
01/20/28
1
852,785‌
854,977‌
12,111,972‌
Gaming
—
2
.68
%
Bally's
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.51%)
8.93%
10/02/28
1
241,291‌
229,342‌
Caesars
Entertainment,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.15%
02/06/30
1
446,625‌
448,405‌
Entain
PLC,
Term
Loan
B2,
1st
Lien
(SOFR
plus
3.60%)
8.95%
10/31/29
1
396,002‌
397,240‌
Flutter
Entertainment
PLC,
Term
Loan
B,
1st
Lien
(Netherlands)
(SOFR
plus
2.25%)
8.70%
07/22/28
1,2
413,012‌
414,962‌
(SOFR
plus
2.35%)
7.70%
11/25/30
1,2
1,270,346‌
1,275,109‌
Golden
Nugget,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.36%
01/26/29
1
465,176‌
465,976‌
GVC
Holdings
Gibraltar
Ltd.,
Term
Loan
B4,
1st
Lien
(SOFR
plus
2.60%)
7.95%
03/29/27
1
1,706,250‌
1,712,956‌
J&J
Ventures
Gaming
LLC,
Delayed-Draw
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
9.70%
04/26/28
1
321,429‌
317,009‌
(SOFR
plus
4.36%)
9.72%
04/26/28
1
178,571‌
176,116‌
Ontario
Gaming
Gta
Ltd.
Partnership,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
4.25%)
9.60%
08/01/30
1,2
853,887‌
858,614‌
PCI
Gaming
Authority,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.61%)
7.97%
05/29/26
1
1,250,000‌
1,256,019‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
5
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Gaming
(continued)
Penn
National
Gaming,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.85%)
7.66%
05/03/29
1
$
985,000‌
$
988,585‌
8,540,333‌
Health
Care
—
13
.69
%
ADMI
Corp.,
Term
Loan
B,
1st
Lien
(France)
(SOFR
plus
3.00%)
8.47%
04/30/25
1,2
447,638‌
447,602‌
Term
Loan
B1,
1st
Lien
(SOFR
plus
5.75%)
11.11%
12/23/27
1
302,362‌
298,583‌
Avantor
Funding,
Inc.,
Term
Loan
B5,
1st
Lien
(SOFR
plus
2.35%)
7.71%
11/08/27
1
135,740‌
136,212‌
Bausch
+
Lomb
Corp.,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
3.35%)
8.71%
05/10/27
1,2
2,509,473‌
2,489,096‌
Term
Loan,
1st
Lien
(Canada)
(SOFR
plus
4.00%)
9.36%
09/14/28
1,2
498,750‌
499,373‌
Bella
Holding
Co.
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.85%)
9.21%
05/10/28
1
478,776‌
476,554‌
Cano
Health,
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.15%)
9.53%
11/23/27
1
493,366‌
216,807‌
Carestream
Dental,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.50%)
8.86%
09/01/24
1
1,564,013‌
1,304,653‌
Catalent
Pharma
Solutions,
Inc.,
Term
Loan
B3,
1st
Lien
(SOFR
plus
2.11%)
7.47%
02/22/28
1
993,616‌
977,097‌
Term
Loan
B4,
1st
Lien
(SOFR
plus
3.00%)
8.36%
02/22/28
1
1,037,499‌
1,040,093‌
Certara
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(France)
(SOFR
plus
3.76%)
9.15%
08/15/26
1,2
1,950,000‌
1,954,875‌
Charlotte
Buyer,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.25%)
10.61%
02/11/28
1
1,571,032‌
1,579,539‌
Curia
Global,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
9.21%
08/28/26
1
1,643,527‌
1,483,801‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Health
Care
(continued)
Curium
Bidco
SARL,
Term
Loan
B,
1st
Lien
(Luxembourg)
(SOFR
plus
4.50%)
9.85%
07/31/29
1,2
$
997,494‌
$
998,122‌
CVET
Midco
2
LP,
Term
Loan,
1st
Lien
(SOFR
plus
5.00%)
10.35%
10/13/29
1
544,009‌
544,436‌
eResearchTechnology,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.61%)
9.97%
02/04/27
1
1,231,974‌
1,232,263‌
Financiere
Mendel,
Term
Loan
B,
1st
Lien
(France)
(SOFR
plus
4.25%)
9.62%
11/12/30
1,2
530,121‌
531,695‌
Genesee
&
Wyoming,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
2.10%)
7.45%
12/30/26
1
497,416‌
499,162‌
Heartland
Dental
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.00%)
10.36%
04/28/28
1
979,271‌
978,968‌
ICON
Luxembourg
SARL,
Term
Loan
B,
1st
Lien
(Luxembourg)
(SOFR
plus
2.51%)
7.86%
07/03/28
1,2
164,680‌
165,478‌
IQVIA,
Inc.,
Term
Loan
B4,
1st
Lien
(SOFR
plus
2.00%)
7.35%
01/02/31
1
1,012,048‌
1,017,382‌
IVC
Acquisition
Ltd.,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
5.50%)
10.87%
11/17/28
1,2
175,000‌
175,948‌
Jazz
Financing
Lux
SARL,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.61%)
8.97%
05/05/28
1
1,805,886‌
1,817,543‌
LSCS
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.61%)
9.97%
12/16/28
1
418,690‌
413,351‌
National
Seating
&
Mobility,
Term
Loan,
1st
Lien
(SOFR
plus
5.35%)
10.70%
11/16/26
1
1,434,741‌
1,395,286‌
NMN
Holdings
III
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
3.61%)
8.97%
11/13/25
1
1,385,644‌
1,368,323‌
Option
Care
Health,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.86%)
8.22%
10/27/28
1
1,960,000‌
1,970,202‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
6
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Health
Care
(continued)
Organon
&
Co.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
7.75%
06/02/28
1
$
1,301,675‌
$
1,306,563‌
Pacific
Dental
Services,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.61%)
8.97%
05/05/28
1
975,000‌
976,677‌
Peraton
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
9.21%
02/01/28
1
1,142,304‌
1,146,588‌
Perrigo
Investments
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.35%)
7.15%
04/20/29
1
1,475,000‌
1,475,612‌
Phoenix
Newco,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.36%)
8.72%
11/15/28
1
1,961,288‌
1,975,262‌
Pluto
Acquisition
I,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.26%)
9.65%
06/22/26
1
1,228,725‌
966,601‌
PRA
Health
Sciences,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.51%)
7.86%
07/03/28
1
41,030‌
41,229‌
Premise
Health
Holding
Corp.,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
3.90%)
8.91%
07/10/25
1,2
2,077,567‌
2,046,404‌
Prestige
Brands,
Inc.,
Term
Loan
B5,
1st
Lien
(SOFR
plus
2.11%)
7.47%
07/03/28
1
835,227‌
840,372‌
Resonetics
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.26%)
9.65%
04/28/28
1
1,711,850‌
1,715,419‌
RXB
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.61%)
9.97%
12/20/27
1
498,724‌
497,268‌
(SOFR
plus
5.25%)
10.61%
12/20/27
1
702,839‌
700,203‌
Sharp
Services
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.10%)
9.45%
12/31/28
1
976,932‌
980,595‌
(SOFR
plus
4.50%)
9.85%
12/31/28
1
250,000‌
250,313‌
Star
Parent,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.35%
09/28/30
1
1,514,644‌
1,500,550‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Health
Care
(continued)
Surgery
Center
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.50%)
8.83%
12/19/30
1
$
500,000‌
$
502,658‌
U.S.
Renal
Care,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
5.11%)
10.47%
06/20/28
1
183,851‌
140,187‌
Vizient,
Inc.,
Term
Loan
B7,
1st
Lien
(SOFR
plus
2.35%)
7.71%
05/16/29
1
496,222‌
498,127‌
43,573,072‌
Industrial
REITs
—
0
.15
%
Avison
Young
Canada,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
6.61%)
11.97%
01/31/26
1
1,473,008‌
482,410‌
Industrials
—
13
.01
%
AI
Alpine
AT
Bidco,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.50%)
9.58%
10/31/28
1
750,000‌
751,564‌
Alliance
Laundry
Systems,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.60%)
8.99%
10/08/27
1
1,387,309‌
1,393,954‌
Arterrsa
Services  LLC,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
3.60%)
8.95%
03/06/25
1,2
1,462,500‌
1,380,922‌
ASP
Blade
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.26%)
9.61%
10/16/28
1
646,727‌
580,034‌
AZZ,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.91%
-
9.33%
05/14/29
1
1,609,511‌
1,619,136‌
BCPE
Empire
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.75%)
10.11%
12/11/28
1
1,033,846‌
1,037,919‌
Bleriot
U.S.
Bidco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.26%)
9.61%
10/30/28
1
966,622‌
971,711‌
Coherent
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.86%)
7.38%
-
7.67%
07/02/29
1
443,326‌
445,820‌
Compass
Power
Generation
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.36%)
9.72%
04/14/29
1
791,566‌
796,316‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
7
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Industrials
(continued)
Conserve
Merger
Sub,
Inc.,
Term
Loan,
1st
Lien
(France)
(SOFR
plus
3.60%)
8.96%
08/08/25
1,2
$
1,895,000‌
$
1,903,291‌
Convergint
Technologies,
Term
Loan,
1st
Lien
(SOFR
plus
3.86%)
9.22%
03/31/28
1
487,516‌
484,296‌
Dermatology
Intermediate
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.63%
03/30/29
1
1,275,315‌
1,237,056‌
DG
Investment
Intermediate
Holdings
2,
Inc.,
Term
Loan,
2nd
Lien
(SOFR
plus
6.86%)
12.22%
03/30/29
1
250,000‌
226,666‌
DTI
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.75%)
10.13%
04/26/29
1
1,478,769‌
1,465,305‌
Eagle
4
Ltd.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.01%)
9.36%
07/12/28
1
489,785‌
490,552‌
EMRLD
Borrower
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
8.36%
05/31/30
1
915,138‌
919,430‌
Filtration
Group
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
4.36%)
9.72%
10/21/28
1
1,011,161‌
1,016,848‌
Gates
Global
LLC,
Term
Loan
B4,
1st
Lien
(SOFR
plus
3.50%)
8.93%
11/16/29
1
493,750‌
495,913‌
Gopher
Resource
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
3.25%)
8.72%
03/06/25
1
994,619‌
853,298‌
Graham
Packaging
Co.,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.11%)
8.47%
08/04/27
1
500,000‌
501,297‌
KAMC
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.26%)
9.65%
08/14/26
1,4,5
1,216,823‌
1,047,125‌
Michaels
Cos.,
Inc.
(The),
Term
Loan,
1st
Lien
(SOFR
plus
4.51%)
9.86%
04/15/28
1
1,222,462‌
1,019,533‌
Minimax
Viking
GmbH
-
MX
Holdings
U.S.,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.86%)
8.22%
07/31/28
1
473,232‌
475,155‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Industrials
(continued)
NMN
Holdings
III
Corp.,
Delayed-Draw
Term
Loan,
1st
Lien
(SOFR
plus
3.61%)
8.97%
11/13/25
1
$
297,369‌
$
293,652‌
Osmose
Utilities
Services,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.36%)
7.88%
06/23/28
1
1,225,578‌
1,226,650‌
Patriot
Container
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
9.21%
03/20/25
1
1,983,157‌
1,905,893‌
Peacock
Merger
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.60%
12/29/28
1
480,101‌
447,296‌
Plaze,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
9.22%
08/03/26
1
485,000‌
472,470‌
Term
Loan
B,
1st
Lien
(Luxembourg)
(SOFR
plus
3.61%)
8.97%
08/03/26
1,2
1,733,211‌
1,688,434‌
Pretium
PKG
Holdings,
Inc.,
Term
Loan
A,
1st
Lien
(SOFR
plus
5.00%)
10.39%
10/02/28
1
442,889‌
435,141‌
Term
Loan
A1,
1st
Lien
(SOFR
plus
4.60%)
9.99%
10/02/28
1
861,646‌
678,546‌
ProAmpac
PG
Borrower
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.50%)
9.87%
-
9.89%
09/15/28
1
1,820,418‌
1,826,107‌
Protective
Industrial
Products,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.11%)
9.47%
12/29/27
1
1,349,293‌
1,342,546‌
Rockwood
Service
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.36%)
9.72%
01/23/27
1
178,122‌
178,901‌
SPX
flow,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.60%)
9.41%
-
9.58%
04/05/29
1
621,413‌
624,262‌
Standard
Industries,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.36%)
7.72%
09/22/28
1
487,191‌
488,801‌
Titan
Acquisition,
Ltd.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
8.47%
03/28/25
1
498,677‌
498,627‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
8
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Industrials
(continued)
Transcendia
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
9.14%
05/30/24
1
$
2,378,574‌
$
1,769,065‌
TransDigm,
Inc.,
Term
Loan
I,
1st
Lien
(SOFR
plus
3.25%)
8.60%
08/24/28
1
1,738,119‌
1,748,208‌
Vantage
Elevator
Solutions,
Term
Loan,
1st
Lien
(SOFR
plus
4.01%)
9.39%
11/19/28
1
1,961,288‌
1,868,127‌
Verde
Purchaser,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.00%)
10.35%
11/17/30
1
450,000‌
437,908‌
Windsor
Holdings
III,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.50%)
9.84%
08/01/30
1
660,507‌
666,286‌
Wrench
Group
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.26%)
9.61%
04/30/26
1
1,703,392‌
1,709,779‌
41,419,840‌
Information
Technology
—
14
.74
%
Applovin
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.10%)
8.46%
08/14/30
1
1,582,433‌
1,585,622‌
AQA
Acquisition
Holding,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.51%)
9.89%
03/03/28
1
686,240‌
686,584‌
Arches
Buyer,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.71%
12/06/27
1
589,796‌
578,534‌
Athenahealth
Group,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
8.25%
02/15/29
1
1,258,754‌
1,254,977‌
Azalea
Topco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
9.21%
07/24/26
1
491,250‌
486,952‌
BMC
Software
(Boxer/Bladelogic),
Term
Loan
B,
1st
Lien
(SOFR
plus
4.25%)
9.60%
12/29/28
1
1,000,000‌
1,008,625‌
Bracket
Intermediate
Holding
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
5.10%)
10.45%
05/03/28
1
497,500‌
498,226‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Buzz
Merger
Sub
Ltd.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.85%)
8.21%
01/29/27
1
$
1,494,825‌
$
1,501,365‌
Castle
U.S.
Holding
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.01%)
9.40%
01/29/27
1
968,750‌
684,872‌
Central
Parent
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.35%
07/06/29
1
1,637,625‌
1,648,794‌
CT
Technologies
Intermediate
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
4.36%)
9.72%
12/16/25
1
1,596,499‌
1,541,172‌
Dodge
Data
&
Analytics,
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.90%)
10.25%
02/23/29
1
487,525‌
384,536‌
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B,
1st
Lien
(SOFR
plus
2.85%)
8.21%
02/06/26
1
633,008‌
635,088‌
EagleView
Technology
Co.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.76%)
9.11%
08/14/25
1
2,652,441‌
2,594,419‌
Electron
Bidco,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.11%)
8.47%
11/01/28
1
982,500‌
986,184‌
Emerald
Topco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
8.86%
07/24/26
1
1,300,105‌
1,290,679‌
Entegris,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.50%)
7.85%
-
7.86%
07/06/29
1
817,777‌
821,865‌
Epicor
Software
Corp.,
Term
Loan
D,
1st
Lien
(SOFR
plus
3.75%)
9.11%
07/30/27
1
750,000‌
757,500‌
EQT
Box
Merger
Sub,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
8.68%
-
8.86%
04/17/28
1
1,474,311‌
1,475,085‌
Evertec
Group
LLC,
Term
Loan
B,
1st
Lien
(Puerto
Rico)
(SOFR
plus
3.50%)
8.86%
10/30/30
1,2
353,571‌
354,897‌
Gainwell
Acquisition
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.10%)
9.45%
10/01/27
1
1,458,647‌
1,422,180‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
9
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Go
Daddy
Operating
Co.,
LLC,
Term
Loan
B5,
1st
Lien
(SOFR
plus
2.50%)
7.86%
11/09/29
1
$
1,096,370‌
$
1,101,364‌
Helios
Software
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.35%)
9.70%
07/18/30
1
1,160,000‌
1,160,847‌
Idemia
America
Corp.,
Term
Loan
B4,
1st
Lien
(SOFR
plus
4.75%)
10.10%
09/22/28
1
282,365‌
283,513‌
Instructure
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.75%)
8.22%
10/30/28
1
250,000‌
251,563‌
Logmein,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.90%)
10.28%
08/31/27
1
453,285‌
302,083‌
Magenta
Buyer
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
5.26%)
10.64%
07/27/28
1
967,595‌
692,435‌
Term
Loan,
2nd
Lien
(SOFR
plus
8.51%)
13.89%
07/27/29
1
446,493‌
178,597‌
Magnite,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.26%)
10.47%
-
10.65%
04/28/28
1
922,902‌
927,328‌
Match
Group,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
1.90%)
7.27%
02/13/27
1
1,000,000‌
1,002,500‌
MeridianLink,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
8.35%
11/10/28
1
486,319‌
487,352‌
MH
Sub
I
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.25%)
9.61%
05/03/28
1
798,412‌
786,436‌
Mitchell
International,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.01%)
9.40%
10/15/28
1
1,157,534‌
1,158,703‌
Monotype
Imaging
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.10%)
10.45%
10/09/26
1
1,590,931‌
1,600,206‌
Open
Text
Corp.,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
2.85%)
8.21%
01/31/30
1,2
1,212,567‌
1,216,817‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Pactiv
Evergreen
Group
Holdings,
Inc.,
Term
Loan
B3,
1st
Lien
(SOFR
plus
3.36%)
8.72%
09/22/28
1
$
1,211,326‌
$
1,216,075‌
Peraton
Corp.,
Term
Loan,
2nd
Lien
(SOFR
plus
7.85%)
13.22%
02/01/29
1
248,837‌
248,176‌
Playtika
Holding
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.86%)
8.22%
03/13/28
1
1,481,089‌
1,482,252‌
Project
Boost
Purchaser,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.61%)
8.97%
06/01/26
1
1,469,309‌
1,472,395‌
Proofpoint,
Inc.,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
3.36%)
8.72%
08/31/28
1,2
928,018‌
929,596‌
Quartz
AcquireCo
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
8.86%
06/28/30
1
408,975‌
410,764‌
RealPage,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
8.47%
04/24/28
1
1,210,042‌
1,203,314‌
Renaissance
Holding
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
4.75%)
10.11%
04/05/30
1
1,122,188‌
1,127,641‌
Severin
Acquisition,
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.25%)
8.63%
08/01/27
1
750,000‌
753,986‌
Sophia
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.60%)
8.96%
10/07/27
1
402,849‌
404,202‌
Spin
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.26%)
9.62%
03/03/28
1
1,443,836‌
1,274,705‌
TIBCO
Software,
Inc.,
Term
Loan
A,
1st
Lien
(SOFR
plus
4.50%)
9.50%
09/29/28
1
312,350‌
305,396‌
Uber
Technologies,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.75%)
8.13%
03/03/30
1
790,876‌
794,091‌
Xerox
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.36%
11/15/29
1
1,225,000‌
1,228,828‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
10
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Zoominfo
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.25%)
7.61%
02/28/30
1
$
713,450‌
$
718,505‌
46,917,826‌
Insurance
—
2
.04
%
Acrisure
LLC,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
3.50%)
9.15%
02/15/27
1
1,429,654‌
1,429,275‌
AmWINS
Group,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.86%)
8.22%
02/19/28
1
498,741‌
500,768‌
AssuredPartners,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.50%)
8.86%
02/12/27
1
1,228,741‌
1,233,041‌
Asurion
LLC,
Term
Loan
B10,
1st
Lien
(SOFR
plus
4.10%)
8.91%
08/19/28
1
762,166‌
760,020‌
Term
Loan
B8,
1st
Lien
(SOFR
plus
3.36%)
8.72%
12/23/26
1
997,429‌
996,876‌
Term
Loan
B9,
1st
Lien
(SOFR
plus
3.36%)
8.72%
07/31/27
1
320,417‌
318,539‌
HUB
International
Ltd.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.37%
11/10/29
1
1,237,500‌
1,243,688‌
6,482,207‌
Materials
—
3
.09
%
American
Rock
Salt
Co.
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.11%)
9.47%
06/09/28
1
430,318‌
407,996‌
Archroma
Finance
Sarl,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.50%)
10.95%
-
10.97%
06/30/27
1
247,503‌
236,056‌
Arsenal
Aic
Parent
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.50%)
9.86%
08/19/30
1
553,280‌
556,392‌
Cyanco
Intermediate
2
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.75%)
10.11%
06/29/28
1
648,375‌
651,348‌
HB
Fuller
Co.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.50%)
7.83%
02/15/30
1
497,494‌
499,795‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Materials
(continued)
Herens
U.S.
Holdco
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.03%)
9.37%
07/03/28
1
$
766,224‌
$
697,647‌
LSF11
A5
HoldCo
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.61%)
8.97%
10/15/28
1
726,285‌
729,012‌
Mativ
Holdings,
Inc.,
Delayed-Draw
Term
Loan,
1st
Lien
(SOFR
plus
2.60%)
7.96%
05/06/27
1
655,087‌
641,985‌
Nouryon
Finance
BV,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.10%)
9.47%
04/03/28
1
1,119,375‌
1,125,145‌
Plaskolite
PPC
Intermediate
II
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.26%)
9.64%
12/15/25
1
1,442,870‌
1,383,352‌
Polar
U.S.
Borrower
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.85%)
10.24%
10/15/25
1
1,524,790‌
1,046,768‌
Potters
Borrower
LP,
Term
Loan,
1st
Lien
(SOFR
plus
4.10%)
9.45%
12/14/27
1
1,452,502‌
1,459,314‌
TMS
International
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.75%)
9.55%
03/02/30
1
397,000‌
399,977‌
9,834,787‌
Office
REITs
—
0
.21
%
Rent-A-Center,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.68%)
8.12%
02/17/28
1
659,818‌
661,055‌
Retail
—
4
.14
%
1011778
BC
Unlimited
Liability
Co.,
Term
Loan
B5,
1st
Lien
(Canada)
(SOFR
plus
2.25%)
7.61%
09/23/30
1,2
997,423‌
999,023‌
American
Airlines,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
5.01%)
10.43%
04/20/28
1
2,475,000‌
2,546,354‌
BJ's
Wholesale
Club,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.00%)
7.36%
02/03/29
1
400,000‌
402,626‌
Dave
&
Buster's,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
9.15%
06/29/29
1
996,875‌
1,001,147‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
11
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Retail
(continued)
EG
America
LLC,
Term
Loan
BC,
1st
Lien
(SOFR
plus
5.50%)
10.83%
02/07/28
1
$
195,592‌
$
191,680‌
IRB
Holding
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.10%)
8.46%
12/15/27
1
992,430‌
995,263‌
KFC
Holding
Co.,
Term
Loan
B,
1st
Lien
(SOFR
plus
1.86%)
7.22%
03/15/28
1
1,483,477‌
1,487,030‌
MIC
Glen
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.36%)
8.72%
07/21/28
1
712,788‌
713,234‌
Peer
Holding
III
BV,
Term
Loan
B4,
1st
Lien
(Netherlands)
(SOFR
plus
3.25%)
8.58%
10/28/30
1,2
1,475,904‌
1,482,361‌
Tacala
Investment
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.11%)
9.47%
02/05/27
1
1,157,147‌
1,163,326‌
Term
Loan
B,
2nd
Lien
(SOFR
plus
8.11%)
13.47%
02/04/28
1
735,000‌
735,231‌
Whatabrands LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
8.47%
08/03/28
1
1,467,538‌
1,471,867‌
13,189,142‌
Services
—
10
.92
%
Action
Environmental
Group,
Inc.
(The),
Term
Loan
B,
1st
Lien
(SOFR
plus
4.50%)
9.88%
10/05/30
1,6
683,987‌
687,407‌
AlixPartners
LLP,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.86%)
8.22%
02/04/28
1
969,729‌
973,002‌
Allied
Universal
Holdco
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.75%)
10.11%
05/12/28
1
249,375‌
249,940‌
Alterra
Mountain
Co.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
9.21%
05/31/30
1
149,250‌
150,369‌
Amentum
Government
Services
Holdings
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
8.82%
-
9.03%
02/15/29
1
1,718,800‌
1,722,668‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Services
(continued)
API
Group
DE,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.61%)
7.97%
01/03/29
1
$
499,023‌
$
500,049‌
ArchKey
Holdings,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
5.36%)
10.72%
06/29/28
1
241,282‌
237,662‌
Arcis
Golf
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.25%)
9.72%
11/24/28
1
985,000‌
989,516‌
Artera
Services
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.35%)
8.70%
03/06/25
1
145,404‌
137,277‌
Belron
Finance
U.S.
LLC,
Term
Loan
B,
1st
Lien
(Luxembourg)
(SOFR
plus
2.25%)
7.68%
04/18/29
1,2
1,000,000‌
1,003,125‌
(SOFR
plus
2.60%)
8.00%
04/18/29
1,2
1,069,625‌
1,072,968‌
CCRR
Parent,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
9.22%
03/06/28
1
494,911‌
481,920‌
CH
Gunther
PPC
Parent
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
8.47%
12/08/28
1
982,402‌
984,858‌
Confluent
Medical
Technologies,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
9.10%
02/16/29
1
733,163‌
733,163‌
Corp.
Service
Co.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.71%
11/02/29
1
1,437,150‌
1,442,539‌
Covanta
Holding
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.50%)
7.86%
11/30/28
1
450,549‌
451,006‌
(SOFR
plus
3.00%)
8.36%
11/30/28
1
143,826‌
144,185‌
Term
Loan
C,
1st
Lien
(SOFR
plus
2.50%)
7.86%
11/30/28
1
34,350‌
34,385‌
(SOFR
plus
3.00%)
8.36%
11/30/28
1
10,814‌
10,841‌
CRCI
Longhorn
Holdings,
Inc.,
Term
Loan,
2nd
Lien
(SOFR
plus
7.35%)
12.71%
08/10/26
1
505,676‌
485,449‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
12
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Services
(continued)
Creative
Artists
Agency,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
8.86%
11/27/28
1
$
992,503‌
$
997,842‌
Element
Materials
Technology
Group
U.S.
Holdings,
Inc.,
Delayed-Draw
Term
Loan,
1st
Lien
(SOFR
plus
4.35%)
9.70%
07/06/29
1
578,368‌
574,754‌
Term
Loan
B,
1st
Lien
(SOFR
plus
4.35%)
9.70%
07/06/29
1
1,253,132‌
1,245,299‌
GFL
Environmental,
Inc.,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
2.50%)
7.91%
05/31/27
1,2
498,750‌
501,181‌
HomeServe
USA
Holding
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
8.36%
10/21/30
1
674,699‌
677,651‌
Kuehg
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
5.00%)
10.35%
06/12/30
1
997,500‌
1,003,111‌
Lakeland
Holdings
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
8.00%)
8.00%
09/25/27
1,4,5,7
677,334‌
524,934‌
Mavenir
Systems,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.01%)
10.39%
08/18/28
1
638,625‌
451,827‌
NAB
Holdings,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.90%)
8.25%
11/23/28
1
727,576‌
729,460‌
Neptune
Bidco
U.S.,
Inc.,
Term
Loan
A,
1st
Lien
(SOFR
plus
4.85%)
10.26%
10/11/28
1
572,125‌
523,903‌
Term
Loan
B,
1st
Lien
(SOFR
plus
5.10%)
10.51%
04/11/29
1
497,500‌
455,765‌
Nielsen
Consumer,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
6.25%)
11.61%
03/06/28
1
972,730‌
953,884‌
Omnia
Partners,
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.63%
07/19/30
1,8
1,063,623‌
1,071,605‌
Pre-Paid
Legal
Services,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.86%)
9.22%
12/15/28
1
965,710‌
960,582‌
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Services
(continued)
Prime
Security
Services
Borrower,
LLC,
Term
Loan
A,
1st
Lien
(SOFR
plus
2.35%)
7.69%
03/14/28
1
$
1,496,876‌
$
1,489,392‌
Term
Loan
B1,
1st
Lien
(SOFR
plus
2.50%)
7.84%
10/11/30
1
169,737‌
170,439‌
Prometric
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.36%)
10.72%
01/31/28
1
750,000‌
750,589‌
R1
RCM,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
5.00%)
8.34%
06/21/29
1
1,000,000‌
1,002,030‌
Ryan
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.50%)
9.86%
11/14/30
1,9
904,762‌
909,005‌
Sabert
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
9.20%
12/16/26
1
330,734‌
333,423‌
Safe
Fleet
Holdings,
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.85%)
9.21%
02/23/29
1
1,221,907‌
1,226,874‌
Signal
Parent,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.60%)
8.96%
04/03/28
1
496,183‌
444,580‌
Sotheby's,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.50%)
9.83%
01/15/27
1
250,000‌
247,709‌
Trans
Union
LLC,
Term
Loan
B6,
1st
Lien
(Luxembourg)
(SOFR
plus
2.36%)
7.72%
12/01/28
1,2
1,325,606‌
1,331,657‌
Trugreen
LP,
Term
Loan
B,
2nd
Lien
(SOFR
plus
8.76%)
14.14%
11/02/28
1
500,000‌
385,418‌
TruGreen
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.10%)
9.46%
11/02/27
1
1,215,923‌
1,176,709‌
University
Support
Services,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.71%
02/10/29
1
312,159‌
312,588‌
Verscend
Holding
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.11%)
9.47%
08/27/25
1
974,916‌
979,382‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
13
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Services
(continued)
VT
Topco,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.25%)
9.61%
08/09/30
1
$
523,810‌
$
527,083‌
WW
International,
Inc.,
Term
Loan
B,
1st
Lien
(France)
(SOFR
plus
3.61%)
8.97%
04/13/28
1,2
445,000‌
317,247‌
34,768,252‌
Specialized
REITs
—
0
.63
%
Greystar
Real
Estate
Partners,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
9.12%
08/07/30
1
1,246,875‌
1,249,992‌
Iron
Mountain
Information
Management
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
1.25%)
7.60%
01/31/31
1
768,293‌
769,495‌
2,019,487‌
Transportation
—
0
.82
%
Air
Canada,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.76%)
9.14%
08/11/28
1
492,500‌
494,615‌
Kenan
Advantage
Group,
Inc.
(The),
Term
Loan
B1,
1st
Lien
(SOFR
plus
3.86%)
9.22%
03/24/26
1
744,246‌
742,880‌
United
Airlines,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
8.56%
04/21/28
1
1,354,554‌
1,361,327‌
2,598,822‌
Total
Bank
Loans
(Cost
$291,661,470)
287,910,638‌
CORPORATES
—
2
.02
%
*
Automobile
Components
—
0
.15
%
Allison
Transmission,
Inc.
3.75%
01/30/31
3
550,000‌
485,375‌
Communications
—
0
.65
%
Frontier
Communications
Holdings
LLC
5.00%
05/01/28
3
500,000‌
462,377‌
Northwest
Fiber
LLC/Northwest
Fiber
Finance
Sub,
Inc.
4.75%
04/30/27
3
500,000‌
480,000‌
6.00%
02/15/28
3
500,000‌
466,835‌
Vmed
O2
UK
Financing
I
PLC
(United
Kingdom)
4.75%
07/15/31
2,3
500,000‌
447,710‌
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
(continued)
Ziggo
BV
(Netherlands)
4.88%
01/15/30
2,3
$
250,000‌
$
224,102‌
2,081,024‌
Entertainment
—
0
.14
%
WMG
Acquisition
Corp.
3.88%
07/15/30
3
500,000‌
453,750‌
Finance
—
0
.30
%
GGAM
Finance
Ltd.
(Cayman
Islands)
8.00%
02/15/27
2,3
500,000‌
513,145‌
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
5.25%
05/15/27
500,000‌
453,125‌
966,270‌
Health
Care
—
0
.17
%
Grifols
SA
(Spain)
4.75%
10/15/28
2,3
50,000‌
45,575‌
ModivCare
Escrow
Issuer,
Inc.
5.00%
10/01/29
3
500,000‌
409,550‌
Prime
Healthcare
Services,
Inc.
7.25%
11/01/25
3
100,000‌
97,923‌
553,048‌
Industrials
—
0
.25
%
Ball
Corp.
3.13%
09/15/31
500,000‌
432,662‌
OT
Merger
Corp.
7.88%
10/15/29
3
500,000‌
303,208‌
Titan
Acquisition
Ltd./Titan
Co-Borrower
LLC
(Canada)
7.75%
04/15/26
2,3
50,000‌
50,000‌
785,870‌
Information
Technology
—
0
.10
%
Central
Parent,
Inc./CDK
Global,
Inc.
7.25%
06/15/29
3
250,000‌
255,148‌
NCR
Voyix
Corp.
5.13%
04/15/29
3
50,000‌
47,642‌
302,790‌
Retail
—
0
.20
%
1011778
BC
ULC/New
Red
Finance,
Inc.
(Canada)
3.50%
02/15/29
2,3
500,000‌
462,500‌
Michaels
Cos.,
Inc.
(The)
7.88%
05/01/29
3
250,000‌
157,664‌
620,164‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
14
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Services
—
0
.06
%
Waste
Pro
USA,
Inc.
5.50%
02/15/26
3
$
200,000‌
$
192,726‌
Total
Corporates
(Cost
$6,509,436)
6,441,017‌
Total
Bonds
—
93
.29
%
(Cost
$300,792,822)
297,014,901‌
Issues
Shares
Value
COMMON
STOCK
—
0
.09
%
Communications
—
0
.09
%
Intelsat
Emergence
SA
2,4,5,10
(Luxembourg)
9,683‌
280,812‌
Total
Common
Stock
(Cost
$324,124)
WARRANT
—
0
.00
%
Entertainment
—
0
.00
%
Cineworld
Group
PLC
2,4,5,10
(United
Kingdom)
229,579‌
—‌
Total
Warrant
(Cost
$–)
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
3
.82
%
Money
Market
Funds
—
3
.82
%
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
5.25%
11
2,726,045‌
2,726,045‌
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
5.27%
11
9,450,000‌
9,450,000‌
Total
Short-Term
Investments
(Cost
$12,176,045)
12,176,045‌
Total
Investments
-
97.20%
(Cost
$313,292,991)
309,471,758‌
Net
unrealized
appreciation
on
unfunded
commitments
-
0.00%
2,794‌
Cash
and
Other
Assets,
Less
Liabilities
-
2.80%
8,925,927‌
Net
Assets
-
100.00%
$
318,400,479‌
1
Floating
rate
security.
The
rate
disclosed
was
in
effect
at
December
31,
2023.
2
Foreign
denominated
security
issued
by
foreign
domiciled
entity.
3
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.
4
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
5
Illiquid
security
as
determined
under
procedures
approved
by
the
Board
of
Trustees.
The
aggregate
value
of
illiquid
securities
is
$1,852,871,
which
is
0.58%
of
total
net
assets.
6
Excluded
from
the
investment
total
above
is
an
unfunded
delayed
draw
term
loan
commitment
in
an
amount
not
to
exceed
$103,111,
at
an
interest
rate
of
9.86%
and
a
maturity
of
October
05,
2030.
The
investment
is
accruing
an
unused
commitment
fee
of
0.75%
per
annum.
7
Payment-in-kind
(“PIK”)
security.
Income
may
be
paid
in
additional
securities
or
cash
at
the
discretion
of
the
issuer
-
8.00%
cash
or
13.25%
payment-in-kind
interest.
8
Excluded
from
the
investment
total
above
is
an
unfunded
delayed
draw
term
loan
commitment
in
an
amount
not
to
exceed
$100,666,
at
an
interest
rate
of
9.61%
and
a
maturity
of
July
19,
2030.
The
investment
is
accruing
an
unused
commitment
fee
of
0.35%
per
annum.
9
Excluded
from
the
investment
total
above
is
an
unfunded
delayed
draw
term
loan
commitment
in
an
amount
not
to
exceed
$95,685,
at
an
interest
rate
of
9.83%
and
a
maturity
of
November
14,
2030.
The
investment
is
not
accruing
an
unused
commitment
fee.
10
Non-income producing
security.
11
Represents
the
current
yield
as
of
December
31,
2023.
*
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
(LIBOR):
London
InterBank
Offer
Rate
(REIT):
Real
Estate
Investment
Trust
(SOFR):
Secured
Overnight
Financing
Rate
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
15
/
December
2023
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 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
used
by
the
Adviser 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
used
by
the
Adviser,
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,
2023
(Unaudited)
December
2023
/
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,
2023
is
as
follows:
FLOATING
RATE
INCOME
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
12,176,045‌
$
—‌
$
—‌
$
12,176,045‌
Long-Term
Investments:
Asset-Backed
Securities
—‌
2,663,246‌
—‌
2,663,246‌
Bank
Loans
—‌
286,338,579‌
1,572,059‌
287,910,638‌
Common
Stock
—‌
—‌
280,812‌
280,812‌
Corporates
—‌
6,441,017‌
—‌
6,441,017‌
Unfunded
Commitments
Appreciation
—‌
2,794‌
—‌
2,794‌
Warrant
—‌
—‌
—‌
—‌
Total
$
12,176,045‌
$
295,445,636‌
$
1,852,871‌
$
309,474,552‌
Floating
Rate
Income
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
17
/
December
2023
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,
2023
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,
2023:
FLOATING
RATE
INCOME
FUND
BANK
LOANS
COMMON
STOCK
TOTAL
Balance
as
of
April
1,
2023
$
2,042,197‌
$
251,212‌
$
2,293,409‌
Accrued
discounts/premiums
22,830‌
—‌
22,830‌
Realized
(loss)
(
51,104‌
)
—‌
(
51,104‌
)
Change
in
unrealized
appreciation*
211,701‌
29,153‌
240,854‌
Purchases
482,524‌
447‌
482,971‌
Sales
(
750,671‌
)
—‌
(
750,671‌
)
Transfers
into
Level
3**
—‌
—‌
—‌
Transfers
out
of
Level
3**
(
385,418‌
)
—‌
(
385,418‌
)
Balance
as
of
December
31,
2023
$
1,572,059‌
$
280,812‌
$
1,852,871‌
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
December
31,
2023
was
$60,442
and
is
included
in
the
related
net
realized
gains
(losses)
and
net
change
in
appreciation
(depreciation)
in
the
Statements
of
Operations.
**Transfers
into
and
transfers
out
of
level
3
represent
the
values
as
of
the
end
of
the
reporting
period.
As
of
March
31,
2023,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
certain
investments.
As
of
December
31,
2023,
the
Fund
used
observable
inputs
in
determining
the
value
of
the
same
investments.
As
a
result,
investments
with
an
end
of
period
value
of
$385,418
transferred
from
level
3
to
level
2
in
the
disclosure
hierarchy.
Significant
unobservable
valuations
inputs
for
Level
3
investments
as
of
December
31,
2023,
are
as
follows:
FLOATING
RATE
INCOME
FUND
FAIR
VALUE
AT
12/31/23
VALUATION
TECHNIQUE
*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Bank
Loans
$1,572,059
Third-Party
Vendor
Vendor
Prices
$77.50
-
$86.05
$83.20
Increase
Common
Stock
$280,812
Third-Party
Vendor
Vendor
Prices
$29.00
$29.00
Increase
Warrant
$—
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
Omnia
Partners,
LLC,
Delayed-Draw
Term
Loan,
1st
Lien
July
2030
$
100,666‌
$
1,082‌
Action
Environmental
Group,
Inc.
(The),
Delayed-Draw
Term
Loan,
1st
Lien
October
2030
103,111‌
1,265‌
Ryan
LLC,
Delayed-Draw
Term
Loan,
1st
Lien
November
2030
95,685‌
447‌
Total
Unfunded
Commitments
$
299,462‌
$
2,794‌