NPORT-EX 2 kcop_partf.htm KCOP PART F

KKR Credit Opportunities Portfolio
   
January 31, 2021
  
             
(Unaudited)
  
Schedule of Investments
              
       
Par†
    
Value
  
Leveraged Loans - 44.9%
              
Aerospace & Defense - 2.4%
              
EaglePicher Technologies, LLC, TL 2L 02/18
              
7.371% (1 Month US LIBOR + 7.250%), 03/08/2026 (a)
      
62,000
      
59,133
  
Ontic Engineering & Manufacturing, Inc., TL 1L B-DD 10/19
                  
5.004% (3 Month US LIBOR + 4.750%), 10/31/2026 (a)
      
11,309
      
11,369
  
Ontic Engineering & Manufacturing, Inc., TL 1L B 10/19
                  
5.004% (3 Month US LIBOR + 4.750%), 10/30/2026 (a)
      
72,379
      
72,759
  
Sequa Corp., TL 2L 07/20
                  
11.750% (3 Month US LIBOR + 10.750%), 04/28/2024 (a)
      
931,985
      
834,127
  
Sequa Corp., TL 1L B 06/20 Add-on
                  
10.000% (3 Month US LIBOR + 9.000%), 07/31/2025 (a)(d)(e)
      
396,887
      
410,962
  
Sequa Corp., TL 1L 07/20
                  
7.750% (3 Month US LIBOR + 6.750%), 11/28/2023 (a)
      
3,693,275
      
3,697,891
  
Standard Aero Ltd., TL 1L 04/19
                  
3.754% (3 Month US LIBOR + 3.500%), 04/06/2026 (a)
      
4,685
      
4,514
  
Standard Aero Ltd., TL 1L 02/20
                  
3.754% (3 Month US LIBOR + 3.500%), 04/06/2026 (a)
      
2,519
      
2,427
  
                 
5,093,182
  
Auto Components - 2.0%
                  
BBB Industries LLC, TL 1L 06/18
                  
4.630% (1 Month US LIBOR + 4.500%), 08/01/2025 (a)
      
2,169,020
      
2,123,742
  
Innovative XCessories & Services LLC, TL 1L 02/20
                  
5.250% (3 Month US LIBOR + 5.000%), 03/05/2027 (a)
      
1,251,883
      
1,261,272
  
Wheel Pros, Inc., TL 1L B 11/20
                  
6.250% (1 Month US LIBOR + 5.250%), 11/06/2027 (a)
      
850,536
      
851,918
  
                 
4,236,932
  
Chemicals - 4.5%
                  
Aruba Investments, Inc., TL 2L 10/20
                  
8.500% (6 Month US LIBOR + 7.750%), 11/24/2028 (a)(c)(d)
      
465,220
      
471,035
  
Diversey, Inc., TL 1L 07/17
                  
3.121% (3 Month US LIBOR + 3.000%), 09/06/2024 (a)
      
298,903
      
298,343
  
Flint Group GmbH, TL 1L B 04/14
                  
0.750% (3 Month EURIBOR + 4.250%), 09/21/2023 (a)(b)(h)
EUR
    
2,766,555
      
3,274,711
  
Flint Group GmbH, TL 1L B3 05/15
                  
0.750% (3 Month EURIBOR + 4.250%), 09/21/2023 (a)(b)
EUR
    
104,906
      
124,175
  
Flint Group GmbH, TL 1L B4 11/15
                  
0.750% (3 Month EURIBOR + 4.250%), 09/21/2023 (a)(b)(h)
EUR
    
887,295
      
1,050,272
  
Flint Group GmbH, TL 1L B5 02/17
                  
0.750% (3 Month EURIBOR + 4.250%), 09/21/2023 (a)(b)(h)
EUR
    
613,849
      
726,600
  
Flint Group GmbH, TL 1L B6 03/17
                  
0.750% (3 Month EURIBOR + 4.250%), 09/21/2023 (a)(b)(h)
EUR
    
13,504
      
15,984
  
Flint Group GmbH, TL 1L B7 04/14
                  
0.750% (3 Month EURIBOR + 4.250%), 09/21/2023 (a)(b)(h)
EUR
    
22,539
      
26,679
  
Invictus, TL 2L 01/18
                  
6.871% (1 Month US LIBOR + 6.750%), 03/30/2026 (a)
      
35,559
      
34,892
  
New Arclin US Holding Corp., TL 2L 02/17
                  
9.750% (1 Month US LIBOR + 8.750%), 02/14/2025 (a)
      
9,000
      
8,820
  
Vantage Specialty Chemicals, Inc., TL 2L 10/17
                  
9.250% (3 Month US LIBOR + 8.250%), 10/27/2025 (a)
      
457,050
      
425,971
  
Vantage Specialty Chemicals, Inc., TL 1L B 10/17
                  
4.500% (3 Month US LIBOR + 3.500%), 10/26/2024 (a)
      
3,313,838
      
3,202,825
  
                 
9,660,307
  
Commercial Services & Supplies - 1.1%
                  
Access CIG, LLC, TL 2L 02/18
                  
7.894% (1 Month US LIBOR + 7.750%), 02/27/2026 (a)
      
143,000
      
143,179
  
Access CIG, LLC, TL 1L 02/18
                  
3.894% (1 Month US LIBOR + 3.750%), 02/27/2025 (a)
      
38,603
      
38,595
  
Monitronics International, Inc., TL 1L EXIT 08/19
                  
7.750% (1 Month US LIBOR + 6.500%), 03/29/2024 (a)
      
537,556
      
507,655
  
VFS Global Services Pvt Ltd., TL 1L B 06/17
                  
4.078% (3 Month LIBOR GBP + 4.000%), 07/29/2024 (a)(b)
GBP
    
1,360,050
      
1,760,201
  
                 
2,449,630
  
Construction & Engineering - 1.8%
                  
Brand Energy & Infrastructure Services, Inc., TL 1L 05/17
                  
5.250% (3 Month US LIBOR + 4.250%), 06/21/2024 (a)
      
1,075,406
      
1,064,797
  
Total Safety US, Inc., TL 1L B 07/19
                  
7.000% (3 Month US LIBOR + 6.000%), 08/16/2025 (a)
      
1,272,892
      
1,271,938
  
Yak Access, LLC, TL 1L B 05/18
                  
5.254% (3 Month US LIBOR + 5.000%), 07/11/2025 (a)
      
1,734,234
      
1,588,992
  
                 
3,925,727
  
Construction Materials - 0.1%
                  
Quimper AB, TL 2L 02/19
                  
8.250% (3 Month EURIBOR + 8.250%), 02/15/2027 (a)(b)
EUR
    
94,000
      
114,216
  
Distributors - 0.2%
                  
Distribution International, Inc., TL 1L 06/19
                  
6.750% (3 Month US LIBOR + 5.750%), 12/15/2023 (a)
      
450,427
      
434,662
  
Diversified Consumer Services - 1.2%
                  
Airbnb, Inc., TL 1L 03/20
                  
8.500% (3 Month US LIBOR + 7.500%), 04/17/2025 (a)
      
241,258
      
262,368
  


Conservice LLC, TL 1L B 05/20
                  
4.503% (3 Month US LIBOR + 4.250%), 05/13/2027 (a)
      
33,699
      
33,893
  
Jostens, Inc., TL 1L 12/18
                  
5.720% (3 Month US LIBOR + 5.500%), 12/19/2025 (a)
      
1,872,785
      
1,869,779
  
Learning Care Group Inc., TL 1L B 05/20
                  
9.500% (6 Month US LIBOR + 8.500%), 03/13/2025 (a)(d)
      
280,451
      
283,255
  
                 
2,449,295
  
Electronic Equipment, Instruments & Components - 1.4%
                  
Excelitas Technologies Corp., TL 2L 10/17
                  
8.500% (3 Month US LIBOR + 7.500%), 12/01/2025 (a)
      
3,088,755
      
3,088,755
  
Energy Equipment & Services - 0.1%
                  
Caprock Midstream, LLC, TL 1L B 10/18
                  
4.871% (1 Month US LIBOR + 4.750%), 11/03/2025 (a)
      
144,529
      
133,833
  
ChampionX Corp., TL 1L B 05/20
                  
6.000% (6 Month US LIBOR + 5.000%), 06/03/2027 (a)
      
80,808
      
82,425
  
                 
216,258
  
Food & Staples Retailing - 0.1%
                  
Froneri Ltd., TL 2L 01/20
                  
5.871% (1 Month US LIBOR + 5.750%), 01/31/2028 (a)(b)
      
60,000
      
60,975
  
Smart & Final Stores LLC, TL 1L B 05/19
                  
6.952% (1 Month US LIBOR + 6.750%), 06/20/2025 (a)
      
192,553
      
195,200
  
                 
256,175
  
Food Products - 2.1%
                  
CSM Bakery Products, TL 2L 07/13
                  
8.750% (3 Month US LIBOR + 7.994%), 02/04/2022 (a)
      
766,067
      
759,127
  
CSM Bakery Products, TL 1L B 07/13
                  
7.250% (3 Month US LIBOR + 6.250%), 01/04/2022 (a)
      
3,790,093
      
3,770,195
  
                 
4,529,322
  
Health Care Equipment & Supplies - 0.2%
                  
Drive DeVilbiss Healthcare LLC, TL 1L B 11/16
                  
8.500% (3 Month US LIBOR + 5.500%), 01/03/2023 (a)(h)
      
428,780
      
365,893
  
Orchid Orthopedic Solutions LLC, TL 1L 02/19
                  
4.702% (3 Month US LIBOR + 4.500%), 03/05/2026 (a)
      
146,874
      
141,367
  
                 
507,260
  
Health Care Providers & Services - 1.5%
                  
Affordable Care Inc., TL 1L 10/15
                  
5.750% (3 Month US LIBOR + 4.750%), 10/24/2022 (a)
      
3,202,546
      
3,154,508
  
Paradigm Acquisition Corp., TL 2L 10/18 LC
                  
7.754% (3 Month US LIBOR + 7.500%), 10/26/2026 (a)
      
23,077
      
22,442
  
                 
3,176,950
  
Hotels, Restaurants & Leisure - 5.5%
                  
Aimbridge Acquisition Co, Inc., TL 1L B 09/20
                  
6.750% (1 Month US LIBOR + 6.000%), 02/02/2026 (a)
      
412,845
      
415,942
  
Aimbridge Acquisition Co, Inc., TL 1L B 10/19
                  
3.871% (1 Month US LIBOR + 3.750%), 02/02/2026 (a)
      
2,200,974
      
2,104,681
  
ASM Global, TL 1L 01/20
                  
2.685% (1 Month US LIBOR + 2.500%), 01/23/2025 (a)
      
82,861
      
79,132
  
B&B Hotels SAS, TL 1L B3A 01/20
                  
3.875% (6 Month EURIBOR + 3.875%), 07/31/2026 (a)(b)
EUR
    
1,886,660
      
2,118,317
  
ClubCorp Club Operations, Inc., TL L B 08/17
                  
3.004% (3 Month US LIBOR + 2.750%), 09/18/2024 (a)
      
1,020,948
      
951,079
  
Diamond Resorts International, Inc., TL 1L B 06/18
                  
4.750% (1 Month US LIBOR + 3.750%), 09/02/2023 (a)
      
3,900,173
      
3,754,092
  
Life Time Fitness, Inc., TL 1L 01/21
                  
5.750%, (3 Month US Libor + 4.75%), 12/10/2024 (a)
      
1,057,050
      
1,045,666
  
Piolin BidCo SAU, TL 1L B 05/20
                  
7.500% (3 Month EURIBOR + 7.500%), 09/16/2026 (a)(b)
EUR
    
539,891
      
648,632
  
United PF Holdings LLC, TL 1L 01/20
                  
4.202% (3 Month US LIBOR + 4.000%), 12/30/2026 (a)
      
687,394
      
659,324
  
                 
11,776,865
  
Household Products - 2.3%
                  
Polyconcept North America Inc., TL 1L B 08/16
                  
5.500% (3 Month US LIBOR + 4.500%), 08/16/2023 (a)
      
4,488,543
      
4,264,115
  
Steinhoff, TL 1L 07/19 (SFH Super Senior)
                  
10.000%, 12/31/2021 (b)(h)
EUR
    
9,938
      
12,181
  
Steinhoff, TL 1L 08/19 (SFH A1)
                  
0.000% (6 Month EURIBOR + 0.000%), 12/31/2021 (b)(g)(h)
EUR
    
668,072
      
524,952
  
                 
4,801,248
  
Industrial Conglomerates - 0.1%
                  
Unifrax I LLC / Unifrax Holding Co., TL 1L B 10/18
                  
3.952% (3 Month US LIBOR + 3.750%), 12/12/2025 (a)
      
109,879
      
106,308
  
Unifrax I LLC / Unifrax Holding Co., TL 1L B 11/18
                  
3.750% (3 Month EURIBOR + 3.750%), 12/12/2025 (a)
EUR
    
25,000
      
28,018
  
                 
134,326
  
IT Services - 0.4%
                  
Asurion LLC/CA, TL 3L B3 02/21
                  
5.452%, 01/29/2028 (a)
      
71,900
      
71,900
  
PSAV, Inc., TL 1L B3 12/20
                  
15.000%, 10/15/2026 (h)
      
540,419
      
620,131
  
PSAV, Inc., TL 2L 02/18
                  
8.250% (6 Month US LIBOR + 7.250%), 09/01/2025 (a)(d)
      
189,000
      
126,158
  
                 
818,189
  
Leisure Products - 1.0%
                  
Areas Worldwide SASU, TL 1L B1 06/19
                  
4.750% (6 Month EURIBOR + 4.750%), 07/01/2026 (a)(b)
EUR
    
1,901,389
      
2,102,077
  
                     


Life Sciences Tools & Services - 0.1%
                  
BioClinica-Synowledge Holdings Corp., TL 1L 10/16
                  
5.250% (1 Month US LIBOR + 4.500%), 10/20/2023 (a)
      
236,238
      
236,239
  
                     
Machinery - 1.3%
                  
Accuride Corp., TL 1L B 10/17
                  
6.250% (3 Month US LIBOR + 5.250%), 11/17/2023 (a)
      
1,346,260
      
1,235,866
  
CPM Holdings, Inc., TL 2L 10/18
                  
8.394% (1 Month US LIBOR + 8.250%), 11/16/2026 (a)
      
92,000
      
91,080
  
Utility One Source LP, TL 1L B 02/20
                  
4.371% (1 Month US LIBOR + 4.250%), 04/18/2025 (a)
      
625,169
      
625,951
  
Welbilt, Inc. (Manitowoc Foodservice, Inc.), TL 1L B 10/18
                  
2.621% (1 Month US LIBOR + 2.500%), 10/23/2025 (a)
      
583,820
      
559,081
  
WireCo WorldGroup, Inc., TL 2L 07/16
                  
10.000% (6 Month US LIBOR + 9.000%), 09/30/2024 (a)
      
88,999
      
75,204
  
WireCo WorldGroup, Inc., TL 1L 07/16
                  
6.000% (6 Month US LIBOR + 5.000%), 09/29/2023 (a)
      
87,463
      
86,024
  
                 
2,673,206
  
Media - 1.4%
                  
Emerald Expositions Holding, Inc., TL 1L B 11/17
                  
2.621% (1 Month US LIBOR + 2.750%), 05/22/2024 (a)
      
8,347
      
8,098
  
NEP Broadcasting, LLC, TL 1L 05/20
                  
9.250% (3 Month US LIBOR + 0.000%), 06/01/2025 (a)(d)(e)
      
122,644
      
124,483
  
NEP Broadcasting, LLC, TL 2L 09/18
                  
7.121% (1 Month US LIBOR + 7.000%), 10/19/2026 (a)
      
393,000
      
356,844
  
NEP Broadcasting, LLC, TL 1L B 09/18
                  
3.500% (3 Month EURIBOR + 3.500%), 10/20/2025 (a)
EUR
    
1,216,847
      
1,408,405
  
NEP Broadcasting, LLC, TL 1L B 09/18
                  
3.371% (1 Month US LIBOR + 3.250%), 10/20/2025 (a)
      
1,066,839
      
1,021,200
  
NEP Broadcasting, LLC, TL 1L 05/20 DD
                  
0.000%, 06/01/2025 (a)(d)(e)
      
30,815
      
462
  
                 
2,919,492
  
Metals & Mining - 0.1%
                  
Foresight Energy LLC, TL 1L A 06/20 (Exit)
                  
9.500% (3 Month US LIBOR + 8.000%), 06/30/2027 (a)(c)(d)(e)
      
150,032
      
150,032
  
Multiline Retail - 0.2%
                  
Belk, Inc., TL 1L B 10/19
                  
7.750% (3 Month US LIBOR + 6.750%), 07/31/2025 (a)(c)(d)
      
1,181,132
      
458,952
  
Oil, Gas & Consumable Fuels - 1.1%
                  
Eagleclaw Midstream Ventures LLC, TL 1L 05/17
                  
5.250% (1 Month US LIBOR + 4.250%), 06/24/2024 (a)
      
219,723
      
203,290
  
Lucid Energy Group II Borrower LLC, TL 1L 01/18
                  
4.000% (1 Month US LIBOR + 3.000%), 02/17/2025 (a)
      
2,119,476
      
2,017,476
  
Oryx Midstream Services, LLC, TL 1L B 04/19
                  
4.121% (1 Month US LIBOR + 4.000%), 05/08/2026 (a)
      
10,889
      
10,662
  
                 
2,231,428
  
Personal Products - 0.4%
                  
Coty, Inc., TL 1L B 03/18
                  
2.500% (1 Month EURIBOR + 2.500%), 04/05/2025 (a)
EUR
    
30,633
      
35,150
  
Coty, Inc., TL 1L B 04/18
                  
2.382% (1 Month US LIBOR + 2.250%), 04/07/2025 (a)
      
718,783
      
679,497
  
Coty, Inc., TL 11L A 04/18
                  
1.882% (1 Month US LIBOR + 1.750%), 04/05/2023 (a)
      
140,446
      
133,775
  
Coty, Inc., TL 1L 04/18
                  
1.750% (1 Month US LIBOR + 1.750%), 04/05/2023 (a)
EUR
    
64,310
      
74,726
  
                 
923,148
  
Professional Services - 0.2%
                  
SIRVA Worldwide, Inc., TL 2L 07/18
                  
9.733% (3 Month US LIBOR + 9.500%), 08/03/2026 (a)(d)
      
59,000
      
51,625
  
SIRVA Worldwide, Inc., TL 1L 07/18
                  
5.655% (3 Month US LIBOR + 5.500%), 08/04/2025 (a)
      
427,519
      
395,011
  
                 
446,636
  
Road & Rail - 2.6%
                  
Kenan Advantage Group, Inc., TL 1L B 07/15
                  
4.000% (1 Month US LIBOR + 3.000%), 07/31/2022 (a)
      
4,316,813
      
4,279,473
  
Kenan Advantage Group, Inc., TL 1L B2 07/15 Canadian Borrower
                  
4.000% (1 Month US LIBOR + 3.000%), 07/31/2022 (a)
      
1,029,794
      
1,020,887
  
Transplace, TL 2L 09/17
                  
9.750% (6 Month US LIBOR + 8.750%), 10/06/2025 (a)
      
180,000
      
174,600
  
                 
5,474,960
  
Software - 6.3%
                  
Applied Systems, Inc., TL 2L 09/17
                  
8.000% (3 Month US LIBOR + 7.000%), 09/19/2025 (a)
      
236,000
      
238,360
  
Gigamon, Inc., TL 1l 11/17
                  
5.250% (6 Month US LIBOR + 4.500%), 12/27/2024 (a)
      
620,407
      
621,182
  
Misys Ltd., TL 2L 04/17
                  
8.250% (6 Month US LIBOR + 7.250%), 06/13/2025 (a)
      
3,169,669
      
3,182,221
  
Misys Ltd., TL 1L 04/17
                  
4.500% (6 Month US LIBOR + 3.500%), 06/13/2024 (a)
      
4,267,026
      
4,200,353
  
Syncsort, Inc., TL 1L B 10/19 (Add-on)
                  
7.000% (3 Month US LIBOR + 6.000%), 08/16/2024 (a)
      
213,840
      
215,123
  
Syncsort, Inc., TL 1L B 10/19 (Add-on)
                  
5.500% (3 Month US LIBOR + 4.500%), 08/16/2024 (a)
      
1,883,428
      
1,893,498
  
Syncsort, Inc., TL 1L B 11/18
                  
6.483% (3 Month US LIBOR + 6.250%), 08/16/2024 (a)
      
291,426
      
292,572
  


TIBCO Software, Inc., TL 1L B 02/20
                  
3.880% (1 Month US LIBOR + 3.750%), 06/30/2026 (a)
      
1,120,660
      
1,120,660
  
TIBCO Software, Inc., TL 12L 02/20
                  
7.380% (1 Month US LIBOR + 7.750%), 03/03/2028 (a)
      
1,585,880
      
1,611,159
  
                 
13,375,128
  
Specialty Retail - 0.7%
                  
Douglas Holding AG, TL 1L B1 08/17
                  
3.500% (3 Month EURIBOR + 3.500%), 08/12/2022 (a)(b)
EUR
    
387,783
      
454,601
  
Douglas Holding AG, TL 1L B2 08/17
                  
3.500% (3 Month EURIBOR + 3.500%), 08/12/2022 (a)(b)
EUR
    
106,379
      
124,709
  
Douglas Holding AG, Tl 1L B3 08/17
                  
3.500% (3 Month EURIBOR + 3.250%), 08/12/2022 (a)(b)
EUR
    
245,864
      
288,228
  
Douglas Holding AG, TL 1L B4 08/17
                  
3.500% (3 Month EURIBOR + 3.500%), 08/12/2022 (a)(b)
EUR
    
131,425
      
154,070
  
Douglas Holding AG, Tl 1L B5 08/17
                  
3.500% (3 Month EURIBOR + 3.500%), 08/12/2022 (a)(b)
EUR
    
39,870
      
46,739
  
Douglas Holding AG, TL 1L B6 08/17
                  
3.500% (3 Month EURIBOR + 3.500%), 08/12/2022 (a)(b)
EUR
    
153,733
      
180,222
  
Douglas Holding AG, TL 1L B7 08/17
                  
3.500% (3 Month EURIBOR + 3.500%), 08/12/2022 (a)(b)
EUR
    
121,966
      
142,981
  
Talbots, Inc., TL 1L B 11/18
                  
8.000% (3 Month US LIBOR + 7.000%), 11/28/2022 (a)
      
212,000
      
162,710
  
                 
1,554,260
  
Textiles, Apparel & Luxury Goods - 1.8%
                  
Varsity Brands, Inc., TL 1L 11/17
                  
4.500% (1 Month US LIBOR + 3.500%), 12/16/2024 (a)
      
4,064,656
      
3,909,122
  
Trading Companies & Distributors - 0.3%
                  
FleetPride Corporation, TL 1L 12/18
                  
4.621% (1 Month US LIBOR + 4.500%), 02/04/2026 (a)
      
728,079
      
730,959
  
Transportation Infrastructure - 0.4%
                  
Direct ChassisLink, Inc., TL 2L 04/19
                  
8.484% (3 Month US LIBOR + 8.250%), 04/10/2026 (a)
      
881,826
      
896,707
  
TOTAL LEVERAGED LOANS (amortized cost $79,220,001)
              
95,751,645
  
                   
High Yield Securities - 48.0%
                  
Aerospace & Defense - 3.4%
                  
Aviation Capital Group LLC
                  
1.950%, 01/30/2026 (f)
      
824,000
      
817,829
  
Avolon Holdings Ltd.
                  
4.250%, 04/15/2026 (b)(f)
      
3,933,000
      
4,249,990
  
2.875%, 02/15/2025 (b)(f)
      
103,000
      
104,873
  
5.500%, 02/15/2024 (b)(f)
      
64,000
      
70,290
  
5.500%, 01/15/2026 (b)(f)
      
214,000
      
243,601
  
4.375%, 05/01/2026 (b)(f)
      
1,276,000
      
1,382,756
  
3.250%, 02/15/2027 (b)(f)
      
323,000
      
332,525
  
                 
7,201,864
  
Auto Components - 1.9%
                  
BBB Industries, LLC
                  
9.250%, 08/01/2025 (f)
      
3,456,000
      
3,732,480
  
Truck Hero, Inc.
                  
6.250%, 02/01/2029 (f)
      
341,000
      
350,471
  
                 
4,082,951
  
Biotechnology - 0.5%
                  
Intercept Pharmaceuticals, Inc.
                  
3.250%, 07/01/2023
      
490,000
      
414,176
  
2.000%, 05/15/2026
      
456,000
      
324,255
  
Radius Health, Inc.
                  
3.000%, 09/01/2024 (c)(d)
      
326,000
      
295,030
  
                 
1,033,461
  
Building Products - 3.9%
                  
Cornerstone (Ply Gem Holdings Inc)
                  
6.125%, 01/15/2029 (f)
      
143,000
      
149,703
  
LBM Borrower LLC
                  
7.750%, 04/01/2027 (f)(h)
      
3,168,000
      
3,160,080
  
6.250%, 01/15/2029 (f)
      
4,122,000
      
4,177,441
  
SRS Distribution, Inc.
                  
8.250%, 07/01/2026 (f)
      
687,000
      
730,144
  
                 
8,217,368
  
Chemicals - 0.0%
                  
Cornerstone Chemical Co.
                  
6.750%, 08/15/2024 (f)
      
125,000
      
113,268
  
                     
Commercial Services & Supplies - 1.1%
                  
Multi-Color Corp
                  
10.500%, 07/15/2027 (f)
      
2,183,000
      
2,421,766
  
                     


Construction & Engineering - 1.3%
                  
Maxim Crane Works LP / Maxim Finance Corp.
                  
10.125%, 08/01/2024 (f)
      
2,484,000
      
2,602,250
  
Pike Corp.
                  
5.750%, 09/01/2028 (f)
      
93,000
      
96,255
  
                 
2,698,505
  
Construction Materials - 0.3%
                  
Cemex Materials LLC
                  
7.700%, 07/21/2025 (f)
      
554,000
      
642,640
  
                     
Containers & Packaging - 0.1%
                  
Plastipak Holdings, Inc.
                  
6.250%, 10/15/2025 (f)
      
207,000
      
212,046
  
                     
Diversified Telecommunication Services - 1.7%
                  
Zayo Group LLC
                  
6.125%, 03/01/2028 (f)
      
3,507,000
      
3,653,900
  
                     
Electronic Equipment, Instruments & Components - 2.4%
                  
CommScope, Inc.
                  
8.250%, 03/01/2027 (f)
      
2,727,000
      
2,940,237
  
6.000%, 06/15/2025 (f)
      
2,090,000
      
2,137,025
  
                 
5,077,262
  
Energy Equipment & Services - 0.4%
                  
Archrock Partners LP / Archrock Partners Finance Corp
                  
6.875%, 04/01/2027 (f)
      
324,000
      
340,896
  
FMC Technologies, Inc.
                  
6.500%, 02/01/2026 (c)(d)(f)
      
528,000
      
550,479
  
                 
891,375
  
Entertainment - 0.2%
                  
Live Nation Entertainment, Inc.
                  
6.500%, 05/15/2027 (f)
      
307,000
      
341,442
  
                     
Health Care Equipment & Supplies - 0.7%
                  
CHS/Community Health Systems, Inc.
                  
6.875%, 04/15/2029 (f)
      
599,000
      
606,862
  
Ortho-Clinical Diagnostics Inc. / Ortho-Clinical Diagnostics SA
                  
7.375%, 06/01/2025 (f)
      
848,000
      
908,950
  
                 
1,515,812
  
Health Care Providers & Services - 1.8%
                  
CHS/Community Health Systems, Inc.
                  
6.000%, 01/15/2029 (f)
      
67,000
      
71,271
  
5.625%, 03/15/2027 (f)
      
124,000
      
130,355
  
8.000%, 03/15/2026 (f)
      
986,000
      
1,060,936
  
LifePoint Hospitals, Inc.
                  
9.750%, 12/01/2026 (f)
      
295,000
      
322,229
  
5.375%, 01/15/2029 (f)
      
518,000
      
522,532
  
Molina Healthcare, Inc.
                  
3.875%, 11/15/2030 (f)
      
596,000
      
638,465
  
Radiology Partners, Inc.
                  
5.250%, 12/15/2025 (f)
      
146,000
      
151,658
  
Radiology Partners Inc.
                  
9.250%, 02/01/2028 (f)
      
849,000
      
930,708
  
                 
3,828,154
  
Health Care Technology - 0.2%
                  
Verscend Holding Corp.
                  
9.750%, 08/15/2026 (f)
      
386,000
      
417,102
  
                     
Hotels, Restaurants & Leisure - 8.8%
                  
Boyd Gaming Corp.
                  
6.000%, 08/15/2026
      
628,000
      
650,853
  
ClubCorp Club Operations, Inc.
                  
8.500%, 09/15/2025 (f)
      
999,000
      
922,721
  
Diamond Resorts International, Inc.
                  
10.750%, 09/01/2024 (f)
      
661,000
      
683,239
  
7.750%, 09/01/2023 (f)
      
3,470,000
      
3,541,534
  
Enterprise Development Authority/The
                  
12.000%, 07/15/2024 (f)
      
1,252,000
      
1,411,629
  
Life Time Fitness, Inc.
                  
8.500%, 06/15/2023 (f)
      
857,000
      
860,214
  
5.750%, 01/15/2026 (f)
      
3,526,000
      
3,568,312
  
Merlin Entertainments PLC
                  
7.000%, 05/15/2025 (b)(f)
EUR
    
783,000
      
987,451
  
6.625%, 11/15/2027 (b)(f)
EUR
    
1,267,000
      
1,277,795
  
5.750%, 06/15/2026 (b)(f)
EUR
    
690,000
      
718,331
  
Station Casinos LLC
                  
4.500%, 02/15/2028 (f)
      
635,000
      
623,491
  
Viking Cruises Ltd.
                  
13.000%, 05/15/2025 (f)
      
237,000
      
276,314
  
7.000%, 02/15/2029 (f)
      
3,168,000
      
3,164,040
  
                 
18,685,924
  


Insurance - 3.8%
                  
Alliant Holdings I, Inc.
                  
6.750%, 10/15/2027 (f)
      
297,000
      
314,579
  
AmWINS Group, Inc.
                  
7.750%, 07/01/2026 (f)
      
122,000
      
131,204
  
Aspen Insurance Holdings Ltd
                  
7.625%, 10/15/2025 (f)(h)
      
1,875,000
      
2,015,625
  
Hub International Ltd.
                  
7.000%, 05/01/2026 (f)
      
1,303,000
      
1,353,172
  
National Financial Partners Corp
                  
7.000%, 05/15/2025 (f)
      
69,000
      
74,649
  
6.875%, 08/15/2028 (f)
      
3,994,000
      
4,203,286
  
                 
8,092,515
  
IT Services - 0.2%
                  
Dun & Bradstreet Corp./The
                  
10.250%, 02/15/2027 (f)
      
56,000
      
62,710
  
Sabre, Inc.
                  
9.250%, 04/15/2025 (f)
      
193,000
      
229,226
  
West Corp
                  
8.500%, 10/15/2025 (f)
      
47,000
      
46,501
  
Xerox Business Services /Conduent
                  
10.500%, 12/15/2024 (f)
      
91,000
      
95,344
  
                 
433,781
  
Machinery - 1.2%
                  
Welbilt, Inc. (Manitowoc Foodservice, Inc.)
                  
9.500%, 02/15/2024
      
2,380,000
      
2,455,363
  
                     
Media - 0.5%
                  
Intelsat Jackson Holdings SA
                  
0.000%, 08/01/2023 (b)(g)
      
207,000
      
144,383
  
Outfront Media Capital LLC / Outfront Media Capital Corp.
                  
4.625%, 03/15/2030 (f)
      
930,000
      
928,838
  
                 
1,073,221
  
Multiline Retail - 0.0%
                  
JC Penney Corp, Inc.
                  
0.000%, 03/15/2025 (f)(g)
      
98,000
      
392
  
                     
Oil, Gas & Consumable Fuels - 3.7%
                  
Energy Transfer Operating LP
                  
3.750%, 05/15/2030
      
939,000
      
987,403
  
Genesis Energy
                  
5.625%, 06/15/2024
      
1,676,000
      
1,578,582
  
8.000%, 01/15/2027
      
657,000
      
625,579
  
Global Partners LP / GLP Finance Corp.
                  
7.000%, 08/01/2027
      
574,000
      
607,364
  
6.875%, 01/15/2029 (f)
      
364,000
      
390,163
  
Indigo Natural Resources, LLC
                  
6.875%, 02/15/2026 (f)
      
1,239,000
      
1,286,949
  
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp
                  
6.000%, 03/01/2027 (f)
      
211,000
      
213,638
  
6.000%, 12/31/2030 (f)
      
273,000
      
274,092
  
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
                  
5.000%, 01/15/2028
      
458,000
      
473,744
  
Viper Energy Partners LP
                  
5.375%, 11/01/2027 (f)
      
1,274,000
      
1,340,089
  
WPX Energy, Inc.
                  
4.500%, 01/15/2030
      
81,000
      
85,860
  
                 
7,863,463
  
Road & Rail - 2.0%
                  
Kenan Advantage Group, Inc.
                  
7.875%, 07/31/2023 (f)
      
4,254,000
      
4,248,236
  
Software - 0.9%
                  
Solera LLC
                  
10.500%, 03/01/2024 (f)
      
1,815,000
      
1,865,765
  
                     
Textiles, Apparel & Luxury Goods - 1.0%
                  
Lycra
                  
7.500%, 05/01/2025 (b)(f)
      
335,000
      
288,519
  
5.375%, 05/01/2023 (b)(f)
EUR
    
377,000
      
390,025
  
Varsity Brands, Inc.
                  
9.000% (3 Month US LIBOR + 8.000%), 12/22/2024 (a)(f)
      
1,580,000
      
1,583,950
  
                 
2,262,494
  
Thrifts & Mortgage Finance - 0.5%
                  
MGIC Investment Corp.
                  
5.250%, 08/15/2028
      
1,070,000
      
1,146,906
  
                     
Trading Companies & Distributors - 5.6%
                  
AerCap Holdings
                  
4.625%, 10/15/2027 (b)
      
3,714,000
      
4,207,795
  
1.750%, 01/30/2026 (b)
      
379,000
      
373,684
  
Neon Holdings, Inc.
                  
10.125%, 04/01/2026 (f)
      
2,494,000
      
2,737,164
  
TruckPro LLC
                  
11.000%, 10/15/2024 (f)
      
2,476,000
      
2,705,455
  


White Cap Construction Supply, Inc.
                  
8.250%, 03/15/2026 (f)
      
1,560,000
      
1,581,450
  
6.875%, 10/15/2028 (f)
      
433,000
      
450,876
  
                 
12,056,424
  
                     
TOTAL HIGH YIELD SECURITIES (amortized cost $98,822,606)
              
102,533,400
  
                   
                   
Collateralized Loan Obligations - 0.7%
                  
Octagon Investment Partners Ltd., OCT48 2020-3A E
                  
7.892% (3 Month US LIBOR + 7.660%), 10/20/2031 (a)(d)(e)(f)
      
53,100
      
53,718
  
TICP CLO Ltd., TICP 2017-9A E
                  
5.823% (3 Month US LIBOR + 5.600%), 01/20/2031 (a)(d)(e)(f)
      
738,460
      
716,623
  
TRESTLES CLO, LLC, TREST 2017-1A D
                  
6.895% (3 Month US LIBOR + 6.680%), 07/25/2029 (a)(d)(e)(f)
      
693,640
      
692,242
  
                 
1,462,583
  
                     
TOTAL COLLATERALIZED LOAN OBLIGATIONS (amortized cost $1,290,386)
              
1,462,583
  
                   
                   
Common Stocks - 0.1%
                  
Health Care Providers & Services - 0.0%
                  
Quorum Health Corp. (d)(e)
      
214,074
      
35,962
  
Metals & Mining - 0.1%
                  
Foresight Energy LLC (c)(d)(e)
      
17,979
      
245,996
  
                     
TOTAL COMMON STOCKS (cost $382,004)
              
281,958
  
                   
Exchange Traded Funds - 1.9%
                  
Diversified Financial Services - 1.9%
                  
BlackRock Floating Rate Income Strategies Fund, Inc.
      
19,030
      
236,543
  
Nuveen Credit Strategies Income Fund
      
43,460
      
275,971
  
Nuveen Floating Rate Income Opportunity Fund
      
24,760
      
228,040
  
PowerShares Senior Loan Portfolio
      
143,060
      
3,178,793
  
Voya Prime Rate Trust
      
35,050
      
157,725
  
                 
4,077,072
  
TOTAL EXCHANGE TRADED FUNDS (cost $3,956,543)
              
4,077,072
  
                   
                   
TOTAL INVESTMENTS (cost $197,055,060) (i) - 95.7%
              
204,106,658
  
ASSETS IN EXCESS OF LIABILITIES, NET - 4.3%
              
9,270,035
  
NET ASSETS - 100.0%
            
$
213,376,693
  
                     
†
In U.S. Dollars unless otherwise indicated.
                  
EUR
Euro
                  
TL
Term Loan
                  
(a)
Variable rate security, the coupon rate shown is the effective rate as of January 31, 2021.
                
(b)
Non-U.S. security.
                  
(c)
Security considered restricted due to the Adviser’s knowledge of material non-public information. The total value
          
 
of these securities as of January 31, 2021 was $2,171,524 and represented 1.0% of net assets.
          
(d)
Security considered illiquid, as defined by the Securities and Exchange Commission. The total value of these
          
securities as of January 31, 2021 was $4,667,014 and represented 2.2% of net assets.
                
(e)
Value determined using significant unobservable inputs.
                  
(f)
Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These
          
 
securities may only be resold to qualified institutional buyers in transactions exempt from registration. The total
          
 
value of these securities as of January 31, 2021 was $89,625,006, which represent 42.0% of net assets.
          
(g)
Non-income producing security.
                  
(h)
Represents a payment-in-kind (“PIK”) security which may pay interest/dividend in additional par/shares.
          
(i)
All investments are held as collateral for the Fund’s credit facility.
                  


The following are the details of the restricted securities held by the Fund:
              
                 
 
Issuer (1)
Par/Shares
 
Acquisition date(s)
 
Amortized Cost
 
Value
% of Net Assets
 
Aruba Investments, Inc
            465,220
  
10/28/20
  
                       456,242
  
            471,035
0.2%
 
Belk, Inc.
         1,181,132
  
03/19/20
  
                       822,952
  
            458,952
0.2%
 
FMC Technologes, Inc.
            528,000
  
01/22/21
  
                       528,000
  
            550,479
0.3%
 
Foresight Energy, LLC
            150,032
  
06/30/20
  
                       150,032
  
            150,032
0.1%
 
Foresight Energy, LLC, Common Stock
             17,979
  
06/30/2020 - 08/29/20
  
                       199,869
  
            245,996
0.1%
 
Radius Health, Inc.
            326,000
  
09/24/20-09/28/20
  
                       270,255
  
            295,030
0.1%
                   
 
(1) Refer to the Schedule of Investments for more details on securities listed.
          
                   
                   


The following table represents the Fund’s investments categorized by country of risk as of January 31, 2021:
          
                   
 
Country:
% of Net Assets
              
 
United States
82.2%
              
 
Germany
3.1%
              
 
Ireland
3.0%
              
 
Netherlands
2.5%
              
 
France
2.0%
              
 
United Kingdom
1.4%
              
 
Sweden
0.9%
              
 
Luxembourg
0.3%
              
 
Spain
0.3%
              
   
95.7%
              
 
Assets Exceeding Other Liabilities, Net
4.3%
              
   
100.0%
              
                   

The following table presents information about the Fund’s assets measured on a recurring basis as of January 31, 2021 and indicates the fair value hierarchy of the inputs utilized by the Fund to determine such fair value:
               
Investments in Securities
Level 1
  
Level 2
  
Level 3
  
Total
Leveraged Loans
      
95,065,706
    
685,939
    
95,751,645
High Yield Securities
      
102,533,400
          
102,533,400
Common Stocks
            
281,958
    
281,958
Collateralized Debt Obligation
          
1,462,583
    
1,462,583
Exchange Traded Funds
  
4,077,072
                
4,077,072
Cash equivalents
  
27,441,136
                
27,441,136
Total Investments in securities and cash equivalents
  
31,518,208
    
197,599,106
    
2,430,480
    
231,547,794
                       
                       
The following is a reconciliation of the investments in which significant unobservable inputs (level 3) were used in determining value.
      
                       
       
Leveraged Loans
  
Collateralized Debt Obligation
  
Common Stocks
Balance at October 31, 2020
      
$
683,566
  
$
1,365,802
  
$
305,554
Purchases
        
10,719
    
-
    
-
Sales and paydowns
        
(18,377
)
  
-
    
-
Settlements
        
623
    
10,737
    
-
Net change in appreciation/(depreciation)
        
9,067
    
86,044
    
(23,596
Net realized gain/(loss)
        
341
    
-
    
-
Balance as of January 31, 2021
      
$
685,939
  
$
1,462,583
  
$
281,958
                       
Net change in appreciation/(depreciation) on investments held at January 31, 2021
  
$
9,067
  
$
86,044
  
$
(23,596
                       

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of January 31, 2021:
             
Financial
Asset
  
Fair Value
  
Valuation
Technique(1)
Unobservable
Inputs (2)
  
Range
(Weighted
Average)(3)
Leveraged Loans
$
685,939
  
Yield Analysis
Yield
    
8% - 9% (9%)
           
Discount Margin
    
3%
           
EBITDA Multiple
    
2.5x -10.3x(8.0x)
           
Net Leverage
    
0.6x - 10.5x(6.0x)
Collateralized Loan Obligations
$
1,462,583
  
Yield analysis
Discount margin
    
6% - 7% (7%)
       
Discounted cash flows
Probability of default
    
2%
           
Constant prepayment rate
    
20%
Common Stocks(4)
$
281,958
  
Market comparables
FWD EBITDA Multple
    
2.5x - 9.0x(2.9x)
           
Illiquidity Discount
    
10% - 15% (10%)

(1) 
For the assets that have more than one valuation technique, the Fund may rely on the techniques individually or in aggregate based on a weight ascribed
  
 
to each one ranging from 0-100%. When determining the weighting ascribed to each valuation methodology, the Fund considers, among other factors,
  
 
the availability of direct market comparables, the applicability of a discounted cash flow analysis and the expected hold period and manner of realization
  
 
for the investment. These factors can result in different weightings among the investments and in certain instances, may result in up to a 100% weighting
  
 
 to a single methodology.
                
(2) 
The significant unobservable inputs used in the fair value measurement of the Fund’s assets and liabilities may include the last twelve months (“LTM”) EBITDA
  
 
multiple, weighted average cost of capital, discount margin, probability of default, loss severity and constant prepayment rate. In determining certain of these inputs,
  
 
management evaluates a variety of factors including economic, industry and market trends and developments, market valuations of comparable companies,
  
 
and company specific developments including potential exit strategies and realization opportunities.
          
(3) 
Weighted average amounts are based on the estimated fair values.
                
(4) 
Of the total $281,958 of common stocks, $245,996 and $19,201 were valued solely on an appraisal based on market comparables and discounted cash flows analysis, respectively.